Neueda releases its capital markets software as open source project

Belfast-based investment technology firm Neueda has taken the bold step of open sourcing its capital markets software, making it available for anyone to develop further.

While most software development firms keep their proprietary source code and products locked safely away behind closed doors and firewalls, the past few years have seen a huge boost in the number of companies worldwide open sourcing their software. Releasing a piece of software as an open source project allows anyone to download a copy and modify it themselves, which is seen by many firms as a risky move when their business relies on that competitive advantage.

The benefits open sourcing software can far outweigh the risks, however, as it allows people around the world to help develop the product and take it in new directions that the creator may not have planned to do themselves or may not have the resources to do themselves. It can also give people a low-cost entry into the field and spark collaborations and partnerships that can prove financially beneficial.

In this case, Neueda has released its Front Office SDK free for anyone to use on Github and has started a dedicated slack community to allow those the FinTech industry exchange ideas on how to use the SDK to develop innovative FinTech applications. The SDK is a cross-platform, cross-language framework that's compatible with Linux, Windows and MacOS and contains a set of modules and connectors that can be used to create electronic trading applications.

Neueda also has another motive for releasing the code to the public, which is to showcase the firm's expertise worldwide and show that it's capable of developing sophisticated systems. The company recently turned that expertise toward Translink NI, completely overhauling its data management strategy and installing new data analysis and automation tech that reduced the time taken to create reports by 95%.

MD of Capital Markets Colin Pattison said: "Through open sourcing this code, we are seeking to support other tech specialists in electronic trading, an area where we have a breadth of expertise. At the same time, we are actively inviting collaboration and welcome new partnerships. We are keen to not only showcase Neueda’s expertise but also cultivate a community of specialists from across the globe who can work together to share best practice, insights and innovation, ultimately elevating electronic trading through technology."

Neueda was recently recognised as one of the best companies in Northern Ireland to work for, taking a top-30 place in the UK Best Workplaces ranking and recieving a 95% approval rating from staff. The firm will now be regularly releasing code for use in a wide range of digital sectors on its GitHub page.